Our ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.more

PREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process. more

Our Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts. more

FedLink Anywhere eliminates the time consuming job of manually preparing customer wire requests. Its Web-based design allows bank customers and branch personnel to securely prepare and authorize wire transfer requests from anywhere in the world. The FedLink Anywhere module provides a Web-based front end for remote branches and bank customers.more

For banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.more

FedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.more

The SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.more

FedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.more

Our OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.more

Ocean Systems’ Enhanced Compliance Solution (ECS) is a comprehensive monitoring software system, designed to assist Financial Institutions with the compliance of the PATRIOT Act. By maintaining a knowledgebase of transaction activity, Know Your Customer (KYC), and Enhanced Due Diligence (EDD) information, ECS uses account profiling, and behavioral patterns to detect both money-laundering and fraudulent activity.

Monitoring is performed on transaction activity using both rules based and statistical based methods to detect abnormal behavior and trends in expected activity. Persons can be related to clients and non-clients allowing the system to analyze and track suspicious transactions among parties having entities in common.

ECS' real time fraud monitoring module, RETINA, blocks fraudulent transactions while in process prior to release. Alerts can be easily managed through the use of concentric views of customers and their related parties and accounts, and drill-downs to access details on transactions such as Wires, SWIFT, and ACH.

Using an imbedded workflow technology, ECS can be deployed either centrally in the BSA Department, or across the branch network, so that account and relationship managers may participate as users and contributors of information. When alerts are generated, they are automatically sent to individuals for review as designated by BSA compliance procedures. A fully featured Case Management process allows for the grouping and filing of events to facilitate special investigations and filing of SARs.

Through the use of its PREVENT module, the risk of every account is systematically assessed both at the account and customer level, based on risk matrices conf configured in accordance to risk policies of the bank.

News

12/8/2013

Ocean Systems to Sponsor Upcoming FIBA AML Conference

Ocean Systems will again sponsor the Florida International Banking Association's AML Conference. The 14th Annual Money Laundering Compliance Conference will be held in Miami on February 20 - 21, 2014.

FedLink Release 7.8 was made available to comply with the requirements set forth by the Remittance Transfer Regulation, an amendment to Regulation E, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Much of the functionality was already implemented in Release 7.7 prior to the last amendment to the ruling, yet some modifications and enhancements were made in Release 7.8 to address the latest changes.

Users of FedLink Anywhere may now obtain live Foreign Exchange Rates from Wells Fargo when preparing international wire transfer payments. For consumer remittances, the user is presented with a pre-payment disclosure that incldues the FX Rate, third party fees, and delivery date, to comply with the Dodd Frank Regulation E.